SOL laws for Indiana

It all really depends on the contract, or what type of law suit you're filing for.

Written Contract - 10 years

Oral Contract - 6 years

Check the last payment date from which you need to calculate the SOL

The last payment made was May of 2001. A Mike from midland credit management is trying to collect on this account.......

What type of account is this?

This is a credit card account I got in 2000....The last payment was in 2001. The original creditor is First National Bank.

Has Midland made you an offer? Are you in a position to where you're able to pay on something if it were at a reasonable offer?

Since you're currently in Indiana, the SOL is 10 years. This means they can try to collect on this (legally) until 2011.

Just to let you know, you are able to counter-offer. Most collection agencies buy these accounts for well below what the actual debt is, so they're able to offer deals. Be ready to pay on the spot if they accept YOUR offer. Remember to get everything in writing.

If this ends up in court, you could be responsible for the entire debt, plus any interest fees.

Regards
Mike

credit card debts fall under oral contract. The SOL should be 6 years, not 10 years. Double check with your attorney general's office.Credit card debts fall under oral contract. The SOL should be 6 years, not 10 years. Double check with your attorney general's office.

Be aware that any payment or even a verbal agreement will renew the SOL. The collection agency will try to get your commitment recorded and push legal actions.

Yes, I would check with the Indiana AG's office. I don't know anything about Indiana law, "written contract" can cover quite a lot of gound.

[quote=Trenity]credit card debts fall under oral contract. The SOL should be 6 years, not 10 years.[/quote]

I was under the impression that credit card debt falls under written contract, only because you had to fill out an application and sign it. So they have your signature on file that says you promise to pay when the bill comes out. Where can I find the information that says it falls under an oral contract?

Teleport read the truth in lending act to see the federal law view of it.For state law look in your state court laws for the full meaning of what constitutes a written contract. Most contract law holds both parties must sign in agreement with terms and terms cannot be changed without agreement of both parties. The mere fact that a credit card company is able to change the terms invalidates the written contract theory. It requires a good attorney to show this agrument but the law is there to review and present to the court system.

I'm confused!

6 or 10 years?

The credit card companies will try to claim that it is a written contract.

One thing to consider is how did you get the credit card? Did you fill out an application? If so, did you read the back. That basically constitutes a written contract. Even if you applied online, they still mail you the form to input your social security number, and sign to mail back.

One thing to distinguish the two would be how you promised to pay. Was it a hand shake, or did you sign a piece of paper.

Regards
Mike

I am married but am trying to buy a home that my husband will not be responsible for, he will not be on the loan papers. Can the lender come after him if I were to default?

if he is not on the loan docs i don't see how.